Budget is balanced, says ICAI president
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Institute of Chartered Accountants of India (ICAI) president Atul Kumar Gupta on Saturday hailed the Union Budget 2021-22 as ‘balanced and futuristic, with a focus on nation-building’.
Delivering the inaugural deal with on the one-day convention Udyati-3 right here on Saturday, Mr. Gupta stated the Budget was primarily based on six key pillars, which lay the muse for financial improvement.
“Almost every aspect, right from skill development to agriculture and from housing to infrastructure building and health and wellness, has been given priority. Most importantly, every pillar was linked to the sustainable development goals,” Mr. Gupta stated.
Talking of direct and oblique taxes within the Budget, Mr. Gupta stated that as no new taxes had been launched, it has rejuvenated the inventory market, which is a wholesome signal for an financial uptick.
However, sure areas resembling audits on ‘digital and cash payment’ want a relook, he stated.
Finance Minister Nirmala Sitharaman stated that there was no want for audit of digital funds. But it wants a rethink as audit is not merely linked to funds and there are a selection of things and compliances concerned, he stated.
Speaking on ICAI and chartered accountancy as a course, Mr. Gupta stated that the course has now gone international and professionals ought to suppose globally.
“We have been redesigning the course from time to time and now, young students should think of things such as blockchain, data analytics, cybersecurity, artificial intelligence, forensic audit, capacity building and critical thinking,” he stated.
“We have prepared an action plan and it will be implemented soon. We are now competing with global firms and ICAI will provide the platform,” he added.
The ICAI president stated that the COVID pandemic was a check for all, together with the institute. “It was a challenge to conduct the examinations last November in over 5,800 centres. We engaged over 10,000 volunteers, and the members from respective chapters have done a commendable job,” he stated.
Conducting a financial institution audit nearly was additionally a problem through the pandemic, he identified.
Dungar Chand U. Jain, SIRC chairman, Dayaniwas Sharma, central council member of ICAI, Naresh Chandra Gelli, SIRC member, China Masthan, SIRC member, Chengal Reddy, SIRC member, D. Prasanna Kumar, vice-chairman, CMP, ICAI, and G. Bharathi Devi, chairperson of the convention, spoke.
